If have bad credit and i put down 50% mortgage on a house, whats the chance of me getting approved?
Answers: How bad is your bad credit?
Sub 500- No way
500-560- Maybe
560-620- Probably
620+ Surely
That would be a good way to get a mortgage with bad credit because you are making sure that in case of foreclosure the bank is protected.
However, If your mortgage becomes to small an amount of money the bank may not want to fool with it and of course the bank may have to be assured by means of an appraisal that the house is really worth what it is being purchased for (so they would know they actually are protected).
If you have bad credit I can go as little as 35% down. The main issue will be how high your interest rate will be. So back to your question you can get approved with 50% down.
Does anyone know a website where I can view a free copy of a deed for a property in Houston Texas?
Answers: http://www.cclerk.hctx.net/
How do I know when its time to refinance my mortgage?
I just bought a home concluding October. I signed a single 30 year mortgage for 280,000. My interest rate is 6.75%. I have lone made 3 payments on this mortgage. With interest rates dropping when is a good time to refinance?Answers: You must own heard just about the Fed cutting the interest rates again today :)
The fast answer on refinance timing is that you are not required to wait any time of year of time before refinancing your current mortgage.
However, most home owners do keep on until they have some equity contained by their homes before refinancing. When making loan decision, one of the most important factor potential lenders review is the loan-to-value ratio, or LTV, of the proposed loan. This ratio compares the amount of the loan you are trying to obtain to the current merit of your home. The interest rates charged on 100% loan-to-value refinance loans, are generally greater than the rates charged on loans with a beside lower loan-to-value ratios (it's intuitive, since they are riskier loans for the lender). However, if your credit gain has increased significantly since you first purchased your home (or if your income have risen), you may be able to find a lower interest rate.
You should contact several potential lenders to discuss the loan terms they can tender you on a refinance loan. After speaking with several lenders, you should know how to determine whether or not a refinance loan is a financially viable option for you.
Another problem encounter by many borrowers trying to refinance their home loans are untimely refinance penalties charged by their current lenders. Many loan agreements, especially “sub-prime” loans designed for borrowers beside credit problems, state that borrowers must pay a cost to their current lender if they wish to refinance their loan in the past the expiration of a certain spell defined by the loan agreement. These “penalty periods” vary from loan to loan, but are frequently between two to five years from the date of the unproved mortgage.
Before you attempt to refinance your current mortgage, you should contact your current lender to discuss whether or not your current loan agreement includes a prepayment penalty, and if so, its amount and when you can refinance lacking penalty. These penalty can be quite costly, and can confidently make a refinance loan too expensive to gather you money over your previous loan. Again, you should find out the amount of the penalty, if any, on your current loan, next contact several potential refinance lenders to discuss whether or not a refinance loan is a practical solution for you.
Unless you can get 2% or better on a refinance it's not even worth it when you do the math and adjectives of the associated costs involved.
6.75% is pretty good rate if you ask me as long as it is a fixed rate and not an adjustable rate.
The rates I do not believe will drop anymore, if abything they will be going up because this bazaar cannot sustain its current path.
Good Luck
Talk to a mortgage broker.
The best process to find an experienced broker in your nouns is to fill out the form at http://www.MyMortgageSaver.com
Good Luck,
Jon